The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a balance of $81,145. During November, the total cash deposited was $293,150, and checks written totaled $307,360. The bank statement indicated a balance of $112,675 on November 30, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $41,840. A deposit of $12,200, representing receipts of November 30, had been made too late to appear on the bank statement. A check for $7,250 had been incorrectly charged by the bank as $2,750. A check for $760 returned with the statement had been recorded by Collegiate Sports Co. as $7,600. The check was for the payment of an obligation to Ramirez Co. on account. The bank had collected for Collegiate Sports Co. $7,385 on a note left for collection. The face of the note was $7,000. Bank service charges for November amounted to $125. A check for $2,500 from Hallen Academy was returned by the bank because of insufficient funds. Required: 1. Prepare a bank reconciliation as of November 30, 20Y9. Collegiate Sports Co. Bank Reconciliation November 30, 20Y9 Cash balance according to bank statement $fill in the blank 1c598900bfa7048_1 fill in the blank 1c598900bfa7048_3 $fill in the blank 1c598900bfa7048_5 fill in the blank 1c598900bfa7048_7 Total deductions fill in the blank 1c598900bfa7048_8 Adjusted balance $fill in the blank 1c598900bfa7048_9 Cash balance according to company's records $fill in the blank 1c598900bfa7048_10 $fill in the blank 1c598900bfa7048_12 fill in the blank 1c598900bfa7048_14 Total additions fill in the blank 1c598900bfa7048_15 $fill in the blank 1c598900bfa7048_17 fill in the blank 1c598900bfa7048_19 Total deductions fill in the blank 1c598900bfa7048_20 Adjusted balance $fill in the blank 1c598900bfa7048_21 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. If an amount box does not require an entry, leave it blank. 20Y9 Nov. 30 fill in the blank 009ffcf84011fcc_2 fill in the blank 009ffcf84011fcc_3 fill in the blank 009ffcf84011fcc_5 fill in the blank 009ffcf84011fcc_6 fill in the blank 009ffcf84011fcc_8 fill in the blank 009ffcf84011fcc_9 fill in the blank 009ffcf84011fcc_11 fill in the blank 009ffcf84011fcc_12 Nov. 30 fill in the blank 009ffcf84011fcc_14 fill in the blank 009ffcf84011fcc_15 fill in the blank 009ffcf84011fcc_17 fill in the blank 009ffcf84011fcc_18 fill in the blank 009ffcf84011fcc_20 fill in the blank 009ffcf84011fcc_21 3. If a balance sheet were prepared for Collegiate Sports Co. on November 30, 20Y9, what amount should be reported as cash?
Bank Reconciliation and Entries
The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a balance of $81,145. During November, the total cash deposited was $293,150, and checks written totaled $307,360. The bank statement indicated a balance of $112,675 on November 30, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
- Checks outstanding totaled $41,840.
- A deposit of $12,200, representing receipts of November 30, had been made too late to appear on the bank statement.
- A check for $7,250 had been incorrectly charged by the bank as $2,750.
- A check for $760 returned with the statement had been recorded by Collegiate Sports Co. as $7,600. The check was for the payment of an obligation to Ramirez Co. on account.
- The bank had collected for Collegiate Sports Co. $7,385 on a note left for collection. The face of the note was $7,000.
- Bank service charges for November amounted to $125.
- A check for $2,500 from Hallen Academy was returned by the bank because of insufficient funds.
Required:
1. Prepare a bank reconciliation as of November 30, 20Y9.
Collegiate Sports Co. | ||
Bank Reconciliation | ||
November 30, 20Y9 | ||
Cash balance according to bank statement | $fill in the blank 1c598900bfa7048_1 | |
fill in the blank 1c598900bfa7048_3 | ||
$fill in the blank 1c598900bfa7048_5 | ||
fill in the blank 1c598900bfa7048_7 | ||
Total deductions | fill in the blank 1c598900bfa7048_8 | |
Adjusted balance | $fill in the blank 1c598900bfa7048_9 | |
Cash balance according to company's records | $fill in the blank 1c598900bfa7048_10 | |
$fill in the blank 1c598900bfa7048_12 | ||
fill in the blank 1c598900bfa7048_14 | ||
Total additions | fill in the blank 1c598900bfa7048_15 | |
$fill in the blank 1c598900bfa7048_17 | ||
fill in the blank 1c598900bfa7048_19 | ||
Total deductions | fill in the blank 1c598900bfa7048_20 | |
Adjusted balance | $fill in the blank 1c598900bfa7048_21 |
2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. If an amount box does not require an entry, leave it blank.
20Y9 Nov. 30 | fill in the blank 009ffcf84011fcc_2 | fill in the blank 009ffcf84011fcc_3 | |
fill in the blank 009ffcf84011fcc_5 | fill in the blank 009ffcf84011fcc_6 | ||
fill in the blank 009ffcf84011fcc_8 | fill in the blank 009ffcf84011fcc_9 | ||
fill in the blank 009ffcf84011fcc_11 | fill in the blank 009ffcf84011fcc_12 | ||
Nov. 30 | fill in the blank 009ffcf84011fcc_14 | fill in the blank 009ffcf84011fcc_15 | |
fill in the blank 009ffcf84011fcc_17 | fill in the blank 009ffcf84011fcc_18 | ||
fill in the blank 009ffcf84011fcc_20 | fill in the blank 009ffcf84011fcc_21 |
3. If a balance sheet were prepared for Collegiate Sports Co. on November 30, 20Y9, what amount should be reported as cash?
$fill in the blank d78e3407202000e_1
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